September 29, 2010
TRADE WAR: US POLS WANT GREAT DEPRESSION II
According to Reuters the US House of Representatives is poised to approve a bill to impose exorbitant tariffs on Chinese goods by declaring that the Chinese government "subsidizes" the exchange rate of the Yuan. Frustrated by the Executive Branch's longstanding refusal to declare Beijing a currency "manipulator" a corrupt bipartisan House is pandering to big unions, anti-China blowhards, and the widespread ignorance of the vast majority of Americans about America's deep interconnectedness with China.
But will the Senate approve and President Obama sign the legislation and risk a trade war, huge inflation - increases in tariffs would be passed directly to consumers, currency retaliations around the world, and another Great Depression?
But will the Senate approve and President Obama sign the legislation and risk a trade war, huge inflation - increases in tariffs would be passed directly to consumers, currency retaliations around the world, and another Great Depression?
Labels: currencies, yuan
# posted by Sinomania! : 9/29/2010 09:13:00 AM
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This shameful legislation may pass the Senate if magalomaniac Chuck Schumer is in full hysteria. BarryO just mnight sign too since Big Unions are paying up big to the Dems and he's got sleeze king Azlerod already in Chicago raising money for 2012.
Then China takes it to WTO and guess what America will have to go it alone cuz the moneymen in Geneva will side with Europe and every body else on this one. The US cant do unilateral tariffs just cuz politians want to make their voters feel like that old 1950's era factory in BummFuck, USA will reopen and pay $40 bucks an hour with benies so locals can make shit Walmart won't buy at their prices!
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Then China takes it to WTO and guess what America will have to go it alone cuz the moneymen in Geneva will side with Europe and every body else on this one. The US cant do unilateral tariffs just cuz politians want to make their voters feel like that old 1950's era factory in BummFuck, USA will reopen and pay $40 bucks an hour with benies so locals can make shit Walmart won't buy at their prices!
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